Sunday, August 22, 2010

These personal finance tips can help you stay away from all that debt

The best way to deal with debt troubles is to keep away from getting into debt. Too many individuals end up owing tens of thousands of dollars on credit cards, student loans or car loans. If you haven’t yet joined the crowd, there’s still time to adjust your personal financial behavior for debt proof living. The best results are found for personal finance with a few key things. Figure out what those things are and focus to them. Stay away from debt with simple financially literate things such as purchasing wholesale, learning about credit card debt and saving some money once in a while. Source for this article – Easy personal finance tips for debt proof living by Personal Money Store.

Starting debt proof living

One of the most basic tenets of financial literacy will help you one of the most: understanding credit card debt. The “power of 50″ is discussed by Practical money Skills. Eight years can be required to pay off a card that has a $ 3,000 balance with 18 percent APR which only required a 2 percent minimum pay of $ 60 a month. To settle the card, you pay $ 5,780 instead of the $ 3,000 you at first had intended on. But if you are able to pay an additional $ 50 per month for a total payment of $ 110 you will pay it faster and leave less money for the credit card company to charge interest on. The result: the debt is gone in 3 years and more than $ 1,800 in interest payments has been saved.

Conserve your money just a drop at a time

Saving money is easier than you think. Things like car repairs are what you conserve money in an emergency fund. Saving money for something you really want is a good idea since you are able to better appreciate it. Succeed by starting small, recommends ehow.com. You can simply pay $ 20 to savings every time you get paid. You may be interested to see how fast it climbs. You may conserve a lot more when do simple things like making your own coffee or using your own refillable water bottle. You need to try adding what you spend every week on water bottles and coffee together. You are able to save a ton with that simple step.

Buy your stuff at wholesale

Buy your stuff at wholesale with wholesale prices and stop using the extra man in the middle. Purchase wholesale and conserve money at essorment.com with its tips. Go ahead and ask your local wholesalers if they sell to the general public. Sample sales can really help when you are trying to get wholesale stuff. If you’ve friends who are interior designers, contractors or beauticians who can buy wholesale, offer to buy their lunch if you are able to go with them next time they shop. Buying around is always good. Even a simple torn box might mean a price markdown. You will always be able to find prices cheaper with just a little work.